First Independent Mena Newspaper
The ongoing Gaza conflict has severely affected Egypt’s economy, leading to a sharp 70 percent drop in Suez Canal revenues Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said. In an interview with Youm7, Georgieva acknowledged Egypt’s commitment to advancing crucial economic reforms despite the challenges posed by regional instability. Georgieva announced plans […]
The World Bank has revised Tunisia’s 2024 economic growth forecast downward to 1.2%, compared to the 2.4% projected in April 2024. In its October 16, 2024 report, “Growth in the Middle East and North Africa,” the Bank expects Tunisia’s growth to stabilize at 2.2% in 2025. The report cites weak growth across the MENA region, […]
Six Nile upstream countries have ratified a deal dubbed The Nile River Basin Cooperative Framework (CFA) Agreement, which officially entered into force on October 13, despite objections by downstream countries: Egypt and Sudan. In a joint statement, Sudan and Egypt urged all Nile Basin states “to restore the integrity of the 1999 Nile Basin Initiative […]
Egypt has officially launched a Fund dedicated to investment in the Nile Basin, aimed at fostering development through collaboration with neighboring countries. This initiative was announced on October 14. The fund is designed to facilitate investment in development and infrastructure projects across the Nile Basin nations, adhering to strict economic standards to enhance project success […]
Somalia said it welcomes an Egyptian offer to deploy troops once the mandate of an African Union peace keeping mission expires in December. The decision is seen from Ethiopia as a hostile move, amid tension between Cairo and Addis Ababa over the Ethiopian renaissance dam. Somalian officials issued a statement following a summit in the […]
Egypt, Somalia, and Eritrea agreed to foster their security cooperation ties, amid worsening ties between Cairo and Addis Ababa. The alliance leaves Ethiopia further isolated as Egypt and Eritrea agree to help Somali army confront terrorist groups. Ethiopia has been at loggerheads with Somalia which accuses it of backing separatists in Somaliland. As landlocked Ethiopia […]
Egypt unveils Fourth National Plan to combat illegal migration for 2024-2026Egypt launched its fourth national action plan to combat and prevent illegal migration for 2024-2026. In a recorded speech aired during the launch of the plan on Thursday, Prime Minister Mostafa Madbouly highlighted Egypt’s strong commitment to addressing the serious challenge of illegal migration, which […]
According to the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s general consumer price index reached 236.5 points in September 2024, reflecting a monthly increase of 2.3 percent compared to August 2024. This uptick was driven by price hikes in several essential sectors. Notably, the cereals and bread category saw a 0.7 percent increase, […]
Egypt said its revenue from the Suez Canal shrunk by 60% as the Yemeni Houthi rebels continue targeting vessels. “We have lost more than 50-60% of the revenue from the Suez Canal, and over the past 7-8 months, we have lost more than $6 billion,” Egyptian President Abdel Fattah el-Sissi said, warning of the repercussions […]
For the first time in years, a passenger train has crossed into Sinai as part of Egypt’s ongoing efforts to modernize its transportation network. The Ministry of Transport has initiated a trial run of the 100-kilometer Al-Fardan–Bir al-Abd railway line in Sinai, a significant milestone in the region’s rail infrastructure development. Deputy Prime Minister for […]